Cornish Metals Inc. (
TSX-V/AIM:
CUSN) (“Cornish Metals” or the “Company”), a dual-listed
company focused on advancing the South Crofty high-grade,
underground tin project through to delivery of a Feasibility Study,
as well as exploring its additional mineral rights, all located in
Cornwall, South West England, is pleased to report the remaining
assay results from the Phase 1 drill programme at United Downs.
This release includes results from the Mount Wellington and United
Mines Targets within the United Downs project, located eight
kilometres east of South Crofty (Figure 1).
Highlights
- All four of the remaining drill
holes intersected multiple mineralised zones (Table 1 below).
- Two drill holes (MW22_001 and
MW22_002), totaling 1,334.00 metres (‘m’), were completed at the
Mount Wellington Target, testing the down dip extensions of both
Mount Wellington Mine (tin – zinc) and United Mines (copper – tin –
zinc – silver) (Figure 2).
- Two drill holes (UD22_01 and
UD22_01A), totaling 1010.61m, drilled in the central part of United
Downs project, tested the down dip extension of United Mines
(Figure 2).
- MW22_001 intersected several
high-grade zinc zones (see Figure 3 showing a cross section of the
geology and the intersects), including;
- 2.05m grading 6.05% zinc from
87.03m;
- 4.25m grading 5.51% zinc from
249.40m, and;
- 0.80m grading 6.48% zinc from
362.53m.
- MW22_002 (Figure 4) intersected
several polymetallic zones, including;
- 1.49m grading 6.17% copper, and
67g/t silver from 326.00m;
- 4.89m grading 2.21% copper, and
19g/t silver from 548.36m;
- 1.66m grading 1.09% tin from
560.61m, and;
- 2.42m grading 3.70% tin, and 9.09%
zinc from 649.41m.
- The high-grade zinc intersections
in MW22_001 require further work to determine continuity along
strike and to depth to establish the Mineral Resource
potential.
- High grade tin intersects were
encountered in UD22_01 and UD22_01A, confirming a potential
transition from high grade copper to high grade tin at depth,
similar to the mineralisation transition seen at South Crofty Mine
(Figure 5).
- High-grade copper and tin
intersections beneath United Mines have now been observed over a
strike length of approximately 1,350m and the zone is open along
strike and to depth (Figure 6).
- The high-grade tin intersects in
MW22_002, GWDD_002 (see News Release dated November 17, 2020),
UD21_011A (see News Release dated December 6, 2021), UD22_001,
UD22_001A, and MW22_002 support management’s belief that tin grades
increase with depth, similar to the mineralisation transition seen
at South Crofty.
Richard Williams, CEO of the Company, stated
“The Phase 1 drill programme at United Downs has been successful on
a number of fronts – assay results, safety, community support and
drill contractor performance.
“Results from the United Downs drill programme
confirm the potential to develop a Mineral Resource, especially the
down dip section of the United Mine where we encountered high-grade
copper, tin, and silver. The Company is now considering the next
steps for United Downs.”
Photographs from the drill programme can be
viewed here.
Table 1 – Significant
Intersections
Hole |
From |
To |
HoleLength (m) |
Length(m) |
Copper(%) |
Tin(%) |
Zinc(%) |
Ag (g/t) |
MW22_001 |
87.03 |
89.08 |
623.46 |
2.05 |
0.11 |
0.38 |
6.05 |
8 |
And |
249.40 |
253.65 |
|
4.25 |
0.24 |
0.07 |
5.51 |
13 |
And |
307.20 |
307.58 |
|
0.38 |
0.21 |
1.38 |
0.26 |
7 |
And |
362.53 |
363.33 |
|
0.80 |
0.05 |
0.07 |
6.48 |
9 |
And |
473.72 |
474.04 |
|
0.32 |
0.25 |
0.41 |
0.02 |
1 |
And |
615.90 |
616.24 |
|
0.34 |
1.22 |
0.45 |
0.04 |
23 |
|
|
|
|
|
|
|
|
|
MW22_002 |
139.79 |
141.11 |
710.54 |
1.32 |
0.77 |
0.70 |
0.23 |
46 |
And |
326.00 |
327.49 |
|
1.49 |
6.17 |
0.08 |
0.53 |
67 |
And |
548.36 |
553.25 |
|
4.89 |
2.21 |
0.22 |
0.07 |
19 |
Including |
548.36 |
549.30 |
|
0.94 |
5.92 |
0.30 |
0.22 |
56 |
And |
560.61 |
562.27 |
|
1.66 |
0.15 |
1.09 |
0.01 |
1 |
And |
649.41 |
651.83 |
|
2.42 |
0.38 |
3.70 |
9.09 |
6 |
Including |
649.81 |
651.48 |
|
1.67 |
0.28 |
5.07 |
12.19 |
7 |
|
|
|
|
|
|
|
|
|
UD22_001 |
82.71 |
84.91 |
745.47 |
2.20 |
0.04 |
0.90 |
0.10 |
1 |
And |
622.13 |
622.94 |
|
0.81 |
0.12 |
0.49 |
0.13 |
1 |
And |
698.82 |
699.25 |
|
0.43 |
0.01 |
0.87 |
0.02 |
|
And |
700.32 |
701.41 |
|
1.09 |
0.06 |
0.92 |
0.01 |
|
|
|
|
|
|
|
|
|
|
UD22_001A |
619.66 |
622.02 |
800.64* |
2.36 |
0.15 |
1.13 |
0.03 |
|
And |
696.22 |
697.03 |
|
0.81 |
0.15 |
0.36 |
1.20 |
1 |
True thickness of encountered structures is
estimated to be in the region of 80-90%.* - UD22_001A was wedged
from UD22_001 at a downhole depth of 535.40m
GEOLOGY AND MINERALISATION
The geology at United Downs comprises
metasediments (locally termed “killas”), which overlie an intrusive
granite body. The historic mines within the area (United Mines,
Consolidated Mines, Mount Wellington, and Wheal Jane) exploited
copper – tin – zinc – silver mineralisation hosted entirely within
killas.
The polymetallic mineralisation is primarily
hosted in narrow, steeply dipping vein or “lode” structures, and
consists of cassiterite (tin), chalcopyrite (copper) and sphalerite
(zinc) with other copper minerals such as chalcocite and bornite
occasionally present.
United Mines and Consolidated Mines operated
between the early 1700s and the 1870s, mining high-grade copper
ores (reported grades of 7.5% copper) to depths of up to 500m below
surface.
The Mount Wellington and Wheal Jane mines
exploited similar structures located along strike from the historic
mining at United Downs, where tin, copper and zinc mineralisation
was mined and processed until 1978 and 1991, respectively. Wheal
Jane was mined to a depth of approximately 500m below surface
whereas Mount Wellington only reached approximately 200m depth
before closing. Mount Wellington is located within Cornish Metals’
mineral rights and was still in mineralisation when the mined
closed.
TECHNICAL INFORMATION
Drilling at United Downs has been performed by
Priority Drilling Company Ltd using an Epiroc Christensen CT14
Diamond Drill Rig. Mineralised zones were drilled in NQ (76
millimetre (‘mm’) diameter) to recover a 48mm diameter drill core.
Core recovery was greater than 95%. The core was logged, split, and
sampled by Cornish Metals personnel. The samples, comprising half
core, were sent for assay at ALS Minerals, Loughrea, Ireland.
Sample preparation involved crushing to 70% less than 2mm, riffle
split and pulverised to 85% less than 75 microns. The analytical
method used for copper, tin, tungsten, zinc and arsenic was X-ray
florescence (XRF) following a lithium borate fusion. A
multi-element 4 Acid Digestion ICP-AES analysis was also carried
out to further characterise the mineralisation and alteration
assemblages. Overlimit assays on silver were carried out using a
3-acid digest and a HCl leach ICP AES analysis. Comprehensive
Quality Assurance / Quality Control programme using standards,
duplicates and blanks was included within the sampling
programme.
The technical information in this news release
has been compiled by Mr. Owen Mihalop who has reviewed and takes
responsibility for the data and geological interpretation. Mr. Owen
Mihalop (MCSM, BSc (Hons), MSc, FGS, MIMMM, CEng) is Chief
Operating Officer for Cornish Metals Inc. and has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined under the
JORC Code (2012) and as a Qualified Person under NI 43-101. Mr.
Mihalop consents to the inclusion in this announcement of the
matters based on his information in the form and context in which
it appears.
ABOUT CORNISH METALS
The South Crofty project covers the former
producing South Crofty tin mine located beneath the towns of Pool
and Camborne, Cornwall. South Crofty mine closed in 1998 following
over 400 years of continuous production. Since acquiring the
project in 2016, Cornish Metals has completed and published maiden
NI 43-101 Mineral Resources for South Crofty using the vast archive
of historical production data and more recent drilling completed
between 2007 and 2013. Additionally, Cornish Metals has undertaken
extensive pilot-scale water treatment trials and successfully
applied for and received the necessary environmental permits to
abstract, treat and discharge mine water in order to dewater the
mine. Planning permissions for the operation of the mine and
re-development of the surface facilities have been secured and
construction of the water treatment plant foundations commenced.
The dewatering pumps, variable speed drives and new high-voltage
power supply have been delivered to site.
An updated Mineral Resource was completed in
June 2021 as summarised below:
South Crofty Summary (JORC 2012) Mineral Resource
Estimate |
Area |
Classification |
Mass(‘000 tonnes) |
Grade |
Contained Tin /Tin Equivalent(‘000 tonnes) |
Increase in containedTin / Tin equivalentfrom 2016
MRE |
Lower Mine |
Indicated |
2,084 |
1.59% Sn |
33 |
10.2% |
Inferred |
1,937 |
1.67% Sn |
32 |
129.8% |
|
Upper Mine |
Indicated |
277 |
1.01% SnEq |
3 |
9.5% |
Inferred |
493 |
0.93% SnEq |
5 |
8.0% |
The Mineral Resource Estimate for South Crofty
(see news release dated June 9, 2021), is available in a report
titled the “South Crofty Tin Project Mineral Resource Update”,
dated June 7, 2021, authored by Mr. N. Szebor, CGeol (London),
EuroGeol, FGS, of AMC Consultants (UK) Ltd, can be accessed on the
Company’s SEDAR page.
For additional information please contact:
In North America:
Irene Dorsman at (604) 200 6664 or by e-mail at
irene@cornishmetals.com
SP Angel Corporate Finance LLP(Nominated Adviser & Joint
Broker) |
Tel: |
+44 203 470 0470 |
|
Richard Morrison |
|
|
Charlie Bouverat |
|
|
Grant Barker |
|
|
|
|
Hannam & Partners(Joint Broker) |
Tel: |
+44 207 907 8500 |
|
Matthew Hasson |
|
|
Andrew Chubb |
|
|
Ernest Bell |
|
|
|
|
BlytheRay(Financial PR/IR-London) |
Tel: |
+44 207 138 3204 |
|
Tim Blythe |
tim.blythe@blytheray.com |
|
Megan Ray |
megan.ray@blytheray.com |
|
|
|
ON BEHALF OF THE BOARD OF
DIRECTORS
“Richard D. Williams”Richard D. Williams,
P.Geo
Market Abuse Regulation (MAR)
Disclosure
The information contained within this
announcement is deemed by the Company to constitute inside
information pursuant to Article 7 of EU Regulation 596/2014 as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 as amended.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Caution regarding forward looking
statements
This news release contains "forward-looking
statements". Forward-looking statements, while based on
management's best estimates and assumptions at the time such
statements are made, are subject to risks and uncertainties that
may cause actual results to be materially different from those
expressed or implied by such forward-looking statements, including
but not limited to: risks related to receipt of regulatory
approvals, risks related to general economic and market conditions;
risks related to the COVID-19 global pandemic and any variants of
COVID-19 which may arise; risks related to the availability of
financing; the timing and content of upcoming work programmes;
actual results of proposed exploration activities; possible
variations in Mineral Resources or grade; failure of plant,
equipment or processes to operate as anticipated; accidents, labour
disputes, title disputes, claims and limitations on insurance
coverage and other risks of the mining industry; changes in
national and local government regulation of mining operations, tax
rules and regulations.
Although Cornish Metals has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Cornish Metals undertakes
no obligation or responsibility to update forward-looking
statements, except as required by law.
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